Mr.R. G Gelos

Macroprudential Policy Effects

Evidence and Open Questions

The global financial crisis (GFC) underscored the need for additional policy tools to safeguard financial stability and ultimately macroeconomic stabi...

Digging Deeper--Evidence on the Effects of Macroprudential Policies from a New Database

This paper introduces a new comprehensive database of macroprudential policies, which combines information from various sources and covers 134 countri...

Exchange-Rate Swings and Foreign Currency Intervention

This paper develops a new approach for exploring the effectiveness of foreign currency intervention, focusing on real exchange cycles. Using band spec...

Can Countries Manage Their Financial Conditions Amid Globalization?

This paper examines the evolving importance of common global components underlying domestic financial conditions. It develops financial conditions ind...

Has Higher Household Indebtedness Weakened Monetary Policy Transmission?

Has monetary policy in advanced economies been less effective since the global financial crisis because of deteriorating household balance sheets? Thi...

Capital Flows at Risk: Taming the Ebbs and Flows

The volatility of capital flows to emerging markets continues to pose challenges to policymakers. In this paper, we propose a new framework to answer ...

Is High Debt Constraining Monetary Policy? Evidence from Inflation Expectations

This paper examines whether high government debt levels pose a challenge to containing inflation. It does so by assessing the impact of government deb...

Country Transparency and the Global Transmission of Financial Shocks

This paper considers the role of country-level opacity (the lack of availability of information) in amplifying shocks emanating from financial centers...